Home Breadcrumb caret Economy Breadcrumb caret Economic Indicators Why Alberta’s economy is gaining momentum The boons and headwinds for Alberta going into 2018 By Staff | November 20, 2017 | Last updated on November 20, 2017 1 min read Alberta’s unemployment rate is expected to remain high through 2018, according to ATB Financial’s latest outlook report for the province. Read: More young Canadians looking for work: StatsCan But there’s also good news: in a release, ATB says the province’s economy is gaining momentum, “with oil and gas, agriculture, food processing, tourism, retail and manufacturing all experiencing growth.” The November report finds: after two years of recession, Alberta is emerging with real GDP growth of nearly 4% in 2017, likely the strongest in Canada; the province’s retail and housing sectors have improved; oil prices have steadied (as of Nov. 17, WTI closed above US$56 while Brent closed above US$62); and Alberta’s energy sector is expected to grow this year, particularly in conventional drilling. “[…] The recession is firmly behind us,” says Todd Hirsch, ATB Financial’s chief economist. “Unfortunately, it may not feel that way for many Albertans as we continue to struggle with an unemployment rate of nearly 8%.” ATB Financial’s economics team forecasts real GDP growth of 3.9% in 2017, followed by growth of 2.7% and 2.2% in 2018 and 2019, respectively. Also read: 35% of millennial Albertans use advisors Finding long-term value above the oil price noise Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo